Home Tech  Summary I rate Sandisk a Sell/Exit, as its 3,540%+ rally is driven by transient, peak-cycle factors mispriced as permanent SaaS-like ARR. SNDK's $42B Remaining Performance Obligation is variable-priced, exposing future revenues and margins to NAND supply increases and contract resets. Gross margins (78.4% in Q3-FY2026) are unsustainably high due to CapEx starvation and temporary AI KV-Cache demand, not a structural shift. Key downside triggers include QLC margin dilution, RPO stagnation, and a looming CapEx supercycle as BiCS8 scaling hits physical limits. adventtr/iStock via Getty Images I label Sandisk Corporation ( SNDK ) stock with a Sell/Exit rating. SNDK stock’s huge 3,540%+ 1Y ascent is based on a mispricing as Wall Street values its $42 billion Remaining Performance Obligation [RPO] as fixed-price Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours.…